Service Properties Trust Announces Restructuring of Business Arrangements with Sonesta
Service Properties Trust - Shares of Beneficial Interest (SVC)
Last service properties trust - shares of beneficial interest earnings: 2/28 07:00 am
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Source: Business Wire
Includes the Exit of All 39 Extended Stay Hotels Managed by SonestaSVC Received a 34% Ownership of Sonesta NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC) today announced it has entered into a transaction agreement with Sonesta International Hotels Corporation and its newly formed parent company, Sonesta Holdco Corporation, or Sonesta, pursuant to which SVC and Sonesta agreed to modify their existing business arrangements. SVC currently owns 53 hotels that are managed by Sonesta pursuant to which SVC is due annual returns of $148.5 million. The changes to the arrangements between SVC and Sonesta are as follows:SVC and Sonesta have agreed to exit all 39 extended stay hotels managed by Sonesta, which currently require aggregate annual minimum returns of $49.5 million. As the hotels are sold, rebranded or repurposed, SVC’s annual minimum returns due from Sonesta will decrease by the amount allocated to each hotel;Sonesta will continue to manage 14 full-service h
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SVC
Earnings
- 11/6/24 - Miss
SVC
Sec Filings
- 11/18/24 - Form 8-K
- 11/8/24 - Form 4
- 11/6/24 - Form 10-Q
- SVC's page on the SEC website